Annual house price inflation in London was 9.0 per cent in September 2006, up from 7.6 per cent in August 2006. The UK annual house price inflation rate for the three months to September 2006 was 7.1 per cent, and 7.8 per cent in London.
The mix-adjusted average house price in the UK in September 2006 stood at £198,552, up from £197,009 in August 2006 (not seasonally adjusted).
HOUSE PRICE INFLATION: REGIONAL
The UK house price inflation rate rose from 7.4 per cent in August 2006 to 8.0 per cent in September 2006. Prices rose by 0.8 per cent between August and September, compared with a smaller rise of 0.2 per cent over the same period last year.
The rise in UK prices between August and September can be attributed to rises in average prices for all dwellings; for terraced houses and flats (both 1.3 per cent), bungalows (0.9 per cent), detached houses (0.4 per cent) and semi detached houses (0.2 per cent).
In the home countries in September, England, Scotland and Wales saw increases in inflation, while inflation fell in Northern Ireland. The inflation rate in England rose from 6.6 per cent in August to 7.2 per cent in September; the inflation rate in Scotland rose from 12.7 per cent to 12.9 per cent; in Wales the rate rose from 7.0 per cent to 10.3 per cent. In Northern Ireland the rate fell from 26.6 per cent to 23.6 per cent.
House price inflation rose in seven of the English regions and fell in the East and South East. The highest inflation rate was in London (9.0 per cent) followed by Yorkshire and the Humber (8.9 per cent), North East and South West (both 7.9 per cent), North West (7.8 per cent) and the West Midlands (7.1 per cent). Inflation rates were lower in the South East (5.9 per cent) and East (5.8 per cent). The lowest inflation rate was in the East Midlands (5.1 per cent).
HOUSE PRICES: REGIONAL
Mix-adjusted average house prices in September were £206,431 in England, £160,556 in Wales, £145,653 in Scotland and £168,805 in Northern Ireland.
The English region with the highest average house price in September remains London at £289,901. The lowest average price was in the North East at £142,208.
Only the East, London, South East and the South West had average prices above the UK average.
HOUSE PRICE INFLATION: TYPE OF BUYER
The UK house price inflation rate for first-time buyers rose from 6.8 per cent in August to 7.7 per cent in September. There was a rise of 0.3 per cent in prices between August and September in the properties bought by first-time buyers compared with a fall of 0.5 per cent over the same period last year.
The inflation rate for former owner occupiers rose from 7.6 per cent in August to 8.0 per cent in September. This was due to a rise of 0.9 per cent in prices between August and September in the properties bought by former owner occupiers compared with a smaller rise of 0.5 per cent over the same period last year.
The average price paid by first-time buyers across the whole of the UK was £152,633 in September, while the average price paid by former owner occupiers was £218,139.
